After many years of continuous development, operational risk management can now be regarded as an important and independent management discipline in its own right. It is a value-adding activity that has a direct or indirect impact on the bottom-line performances of organisations. It is fundamentally concerned with good governance and involves consistent alertness and continuous improvement. As a result, it is essential for business managers at all levels to understand the concept of operational risk management and its methodologies.
Operational risk management will assist organisations to develop and implement an operational risk management process that will support the achievement of business objectives in a way that proactively addresses risk exposures and identifies potential business opportunities.
In addition, Operational risk management attempts to bridge the gap that exists between some of the theoretical concepts of operational risk and the practical implementation. It deals firstly with the development phases of operational risk, and then illustrates the effective application of an operational risk management process. It also discusses relevant issues in the field and how to deal with risk exposures that could disrupt business processes and systems, with the achievement of business objectives and with the wellbeing of employees.
Contents include the following:
· Operational risk management framework
· Development of an operational risk management function
· Operational risk identification
· Operational risk evaluation
· Operational risk control
· Operational risk financing
· Operational risk monitoring
· Operational risk appetite
· Operational risk management model
Operational risk management is aimed at students, as well as at managers interested in the management of operational risk.
Jackie Young is a professor in risk management at the University of South Africa, specialising in operational risk management.
Chapter 1 Introduction to risk, risk types and operational risk
Chapter 2 Operational risk management framework
Chapter 3 Development of an operational risk management function
Chapter 4 Operational risk identification
Chapter 5 Operational risk evaluation
Chapter 6 Operational risk control
Chapter 7 Operational risk financing
Chapter 8 Operational risk appetite
Chapter 9 Operational risk monitoring
Chapter 10 Operational risk management model
A-1 Case study – Barings Bank
A-2 Case study – BP oil rig disaster
A-3 Case study – Sinking of the Oceanos passenger liner
A-4 Case study – Cahora Bassa Dam
A-5 Case study – Waste management
Annexure B Example of an operational risk management policy
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